Placement Raising $4.7 Million
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EDMONTON, ALBERTA--(Marketwire - March 14, 2011) -
THIS NEWS RELEASE IS NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES.
Northern Tiger Resources Inc. ("Northern Tiger" or the "Company") (TSX VENTURE:NTR) is pleased to announce that, subject to final TSX Venture Exchange acceptance, it has closed a brokered private placement of 8,622,200 class A common shares issued as "flow-through shares" under the Income Tax Act (Canada) ("FT Shares") at a price of $0.55 per FT Share for aggregate gross proceeds of $4,742,210. The private placement was initially announced on February 14, 2011 and contemplated raising gross proceeds up to $3,000,000.
"We are pleased to be closing another significantly over-subscribed private placement," says Greg Hayes, President of Nothern Tiger. "We are now very well financed to follow-up our high-grade gold discovery at 3Ace with an aggressive 2011 exploration program, as well as continue to advance our other promising Yukon projects."
The FT Shares were sold to qualified purchasers in reliance upon exemptions from the prospectus and registration requirements of applicable securities legislation and are subject to a 4 month restricted period. The net proceeds from the Offering will be used primarily for exploration on the 3Ace Property in the southeast Yukon.
In connection with the private placement and in accordance with regulatory requirements, the Company paid Casimir Capital Ltd. a 6% cash commission and issued non-transferable share purchase warrants ("Broker's Warrants") to acquire 517,332 class A common shares. The Broker's Warrants are exercisable at a price of $0.80 for a period of 18 months from the date of issuance.
The TSX Venture Exchange has conditionally accepted the Offering and broker's fees.
Northern Tiger Resources Inc. (TSX VENTURE:NTR) is a Canadian-based resource exploration company focused on gold and copper exploration in the rapidly developing Yukon. The company has an impressive portfolio of gold and copper focused projects in the Yukon, including 3Ace (with a new high-grade gold discovery), Sonora Gulch, and five properties prospective for Minto-style high-grade copper mineralization. Through its exploration alliance with Capstone Mining Corp.'s wholly owned subsidiary, Minto Explorations Ltd., Northern Tiger benefits from a wide range of experience, knowledge and capabilities from early exploration to mine production.
This news release may contain forward looking statements, being statements which are not historical facts, including, without limitation, statements regarding potential mineralization, exploration results, resource or reserve estimates, anticipated production or results, sales, revenues, costs, "best-efforts" financings or discussions of future plans and objectives. There can be no assurance that such statements will prove accurate. Such statements are necessarily based upon a number of estimates and assumptions that are subject to numerous risks and uncertainties that could cause actual results and future events to differ materially from those anticipated or projected. Important factors that could cause actual results to differ materially from the Company's expectations are in Company documents filed from time to time with the TSX Venture Exchange and provincial securities regulators, most of which are available at >www.northern-tiger.com
